C-One Ventures, an investment firm focused on technology and fintech primarily in Nigeria, has reportedly acquired Bankly, a Nigerian fintech and licensed microfinance bank, to expand its fintech portfolio.
The acquisition includes Bankly’s licenses, platform, and team, which will be integrated into C-One’s ecosystem to scale technology-driven financial services.
According to a statement from Bankly CEO Tomilola Majekodunmi, noted that a restructuring process is already underway to ensure seamless integration, and Bankly will support the transition in an advisory role.
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Speaking on the acquisition, she said:
“I am immensely proud of what we have achieved at Bankly over the last six years. Bankly was founded with a mission to drive financial inclusion to the last mile, and we have certainly made significant progress on that front. Like any business, we’ve faced our share of challenges, but I’m confident that this acquisition will keep the Bankly vision alive and further advance our mission of empowering more Nigerians through inclusive financial solutions.”
Bankly is a lifestyle bank that redefines the way people manage their money. Founded in 2019 by Tomilola Majekodunmi and Fredrick Adams, Bankly first started operations as a tech-driven solution to combat fraud and financial losses in informal savings groups.
The fintech quickly evolved into a beacon of transparency and accessibility for small business owners across Nigeria. Through digitization, it revolutionized the savings process, empowering individuals to securely save and access their money with ease.
Bankly expanded its services in 2020 to include agency banking and has since facilitated financial access for over 12 million individuals through its network of over 50,000 agents nationwide. But the journey didn’t end there. In 2021, Bankly announced that it had closed a $2 million seed round. The funding round was led by Vault. Other investors who took part in the round included Plug and Play Ventures, Rising Tide Africa, and Chrysalis Capital.
Bankly has been significantly helping the Nigerian unbanked population, by digitizing the entire money collection process and allowing users to save their money using online and offline methods. The business has a distribution and agents network that makes it easy for customers to deposit and withdraw cash with its agent, anytime.
Recognizing the ongoing financial needs of everyday people, Bankly metamorphosed into a Microfinance Bank in 2023. This lifestyle bank pioneered innovative features like Group Savings (Ajo), enhancing transparency and convenience in collective contributions, and made bill payments less expensive by offering exclusive discounts. Through the implementation of digital currency, personal identity, and comprehensive financial services, the bank has paved the way for unbanked Nigerians to partake in the formal economy, providing them with a secure and reliable platform to nurture their financial aspirations.
Bankly has been on a mission to make banking effortless for everyone, guiding customers toward financial success and giving them more bang for their buck. It also moved to transform the way local businesses access financial services, by providing the tools and support necessary to attain entrepreneurial freedom.
C-One Ventures, which describes itself as an investor focused on technology-enabled finance in Nigeria, said the integration of Bankly will support its broader strategy of offering connected financial products to individuals and businesses.
The acquisition of Bankly, a Nigerian fintech has several implications for both companies, their customers, and the broader financial ecosystem in Nigeria. By acquiring Bankly, C-One adds a microfinance bank with a strong focus on financial inclusion to its portfolio, which already includes platforms like Fulcrum (supply chain financing), GetPayed (payments and banking app), and Money (digital banking). This strengthens C-One’s ability to offer comprehensive, technology-driven financial services.
Also, Bankly’s extensive network of over 50,000 agents and a customer base of more than 2 million individuals and businesses across Nigeria gives C-One deeper penetration into the informal economy, particularly in low-income and rural communities. This aligns with C-One’s goal of scaling grassroots financial services.